November 11th, 2012 (InsideCostaRica.com) Mandatory vehicle insurance, which is included in the annual “Marchamo” payment, will see a price increase up to 24%, depending upon the type of vehicle.
The General Insurance Supervision Department (SUGESE, in Spanish) approved an increase of 7% for light vehicles, 17% for heavy vehicles, and 24% for motorcycles.
Residents will be able to pay their Marchamo as of this coming week, which will include the new increase.
The mandatory insurance compensates up to 6 million colons (about $12,000) in medical expenses, and includes compensation for disablement or death.
In 2011 small vehicles paid 15,903 colons for the mandatory insurance. This year, it will increase to 17,374 colons, and motorcycles will pay 78,147, versus the 62,888 that was paid last year.